What Is Bytom?

Bytom (The Bytom Blockchain Protocol) will not be another Bitcoin, nor will it be Ethereum 2.0. Bytom is an intermediary connecting generalized blockchains with specialized blockchains. In the past, there has not been a complete and effective blockchain protocol for the purpose of exchanging diversified digital assets. Bytom is designed to be the public blockchain specifically for the area of asset management in an attempt to solve the following problems:

What kind of blockchain is needed to carry digital assets.

How to establish the mapping relationship between physical and digital assets , and resolve compliance issues.

How to bridge the gap between the physical and digital worlds to promote effective flow of assets on-chain and off-chain.

The mission of Bytom is to bridge the digital world and the physical world, and to build a decentralized network where various digital and physical assets can be registered and exchanged. The goal of Bytom is to become the world’s largest dedicated public blockchain platform, connecting various asset classes to the blockchain, enhancing the liquidity, security, and value of theseassets.

Bytom will greatly promote the exchange and flow of “byte information” and “byte assets” with value attributes, and via contract and configuration create new “byte assets”. Bytom is also a type of intermediary, becoming an economic body generating profit from data and an amplifier to the performance of digital assets. In the future, these digital assets will not only be used in daily life, but can also be artificial intelligence, provide “digital food” for equipment in the Internet of Things, and to increase the influence of the digital world on the physical world.

Bytom Native Assets

1. Bytom Coin Basis of Value - Bytom Coins are the native asset on the Bytom Blockchain. Bytom Coin’s value comes from its ability to easily characterize and measure the digital economic activity on the Bytom Blockchain. Bytom Coin represents both the ownership of the Bytom Blockchain and the right to use it: use of the Bytom Blockchain will incur a fee in Bytom Coin, reflecting the right of usage characteristic of Bytom Coin; holding Bytom Coins represents owning a piece of the Bytom Blockchain, essentially being a shareholder of the Bytom Blockchain, and therefore able to participate in the highest-level governance of the Bytom Blockchain, reflecting Bytom Coin’s ownership characteristic.

7% of Bytom Coin will be distributed to Private Equity investors including angel investors and institutions. Primarily for providing resources and technical expertise in early development.

30% of Bytom Coin will be distributed during the ICO. The BTC/ETH received during the public sale will be used for funding startup operations of Bytom Blockchain including development, cryptographic audits, marketing, legal, financial affairs, third-party audits, as well as the initial computing power needed to deploy the blockchain.

20% will be reserved for the Bytom Foundation. This amount will be used for project development incentives; furthermore, upon successful completion of the ICO these funds will be frozen for one year. Afterwards the funds will be unfrozen over four years with 5% unfrozen each year. At the same time, the initial hash power deployed through funding by the Bytom Foundation will also act as incentive for development operations and the continued support of Bytom Coin.

10% will be reserved for Bytom Coin business development. Business development funds will mainly be used to pay exchange listing fees for Bytom Coin, developing commercial applications of the technological standard, maintaining the ecosystem of the Bytom Blockchain, and so on.

33% will be reserved for mining rewards. Bytom Blockchain consensus operates by the POW mechanism, mining rewards will halve every four years until no new mining block reward is produced. In the first four years from when Bytom Blockchain is released, 86.625 million Bytom Coins will be mined each year. In years five through eight 43.3125 million Bytom Coins will be mined each year, and so on. 1‰ of Bytom Blockchain mining yields will be donated to foundations and non-profit organizations researching the ethics of artificial intelligence.

ICO Rules

The ICO will distribute 630 million Bytom Coins (BTM). ICO is divided into five stages:

Exchange Rules: 1 BTC for 67000 BTM; ETH exchange rate will be announced within 24 hours of the start of the second week.

Third Week:

Time: 7/6/2017 1:30pm to 7/13/2017 1:30 Total of 7 days

Exchange Rules: 1 BTC for 63000 BTM; ETH exchange rate will be announced within 24 hours of the start of the third week.

Fourth Week:

Time: 7/13/2017 1:30pm to 7/20/2017 1:30 Total of 7 days

Exchange Rules: 1 BTC for 59000 BTM; ETH exchange rate will be announced within 24 hours of the start of the fourth week.

Instructions for Structure of Management

The Bytom Blockchain has a groundbreaking program for the governance of the blockchain, similar to a corporate governance structure, but with completely different internal operations. Bytom Blockchain is a decentralized business built in the blockchain world using blockchain technology, with a new type of enterprise system and property rights relations.

Bytom governance utilizes the Bytom Blockchain to have a three-tier governance structure including the Bytom Coin-holder Assembly, the Autonomous Committee, and the Executive Committee.

The Bytom Coin-holder Assembly has the highest authority on decision making, with coin holders having the right to vote in the Bytom Coin-holder Assembly;

The Autonomous Committee is held responsible by the Bytom Coin-holder Assembly, elects members of the Executive Committee, and supervises the work of the Executive Committee;

The Executive Committee is responsible for the daily operational matters of the Bytom Blockchain. The Executive Committee will create a number of management centers, including a blockchain technology development center, a blockchain business application center, a financial management center, a risk management center, and an integrated services management center. Each management center will carry out their corresponding work under the guidance of the ExecutiveCommittee.

The Bytom Blockchain governance structure is shown below:

The Bytom Blockchain team will establish the Bytom Foundation outside of China, the Foundation will serve as the governing body of Bytom Blockchain, have full responsibility for the implementation of the Bytom Blockchain Shareholders Assembly, standardize the management of technological development and application development for the Bytom Blockchain, protect the rights of Bytom Coin-holders, market the Bytom brand, and so on.

Bytom Coin-holder Assembly

The Bytom Coin-holder Assembly is entirely composed of Bytom Coin holders, and has the highest authority over the Bytom Blockchain project.

The Bytom Blockchain management charter is the self-made constitution of the Bytom Blockchain, the management charter will be publicly available on the Bytom website. The Bytom Blockchain management charter will be published within half a year of the Bytom Blockchain test- net coming online. The first edition of the management charter will be developed and published by the Autonomous Committee.

The Coin-holder Assembly will meet once every three years. If the Autonomous Committee deems it necessary, or if proposed by one-fifth of Bytom Coin holders, there can be a provisional meeting of the Coin-holder Assembly.

Autonomous Committee

The Autonomous Committee is responsible for managing the operation of the Bytom Blockchain, and held to this responsibility by the Bytom Coin-holder Assembly. The Autonomous Committee must execute the important decisions made by the Bytom Coin-holder Assembly.

The Autonomous Committee shall exercise the following authority:

1) Implementing the resolutions approved by the Coin-holder Assembly;

2) Appointing or dismissing the CEO of the Executive Committee, appointing or dismissing other members of the Executive Committee on recommendation of the CEO, anddeciding on matters of remuneration;

3) Deciding on the fundamental management system of the BytomBlockchain;

4) Creating resolutions regarding major issues on the open source code and use of fundsfor the Bytom Blockchain;

5) Responding to emergencies regarding the Bytom Blockchain.

The Autonomous Committee will be composed of 5 to 19 members, with one appointed as the chairman. Committee members serve a term of three years, and can be reelected. The chairman of the Autonomous Committee is elected by vote of the committee members.

Resolutions made by the Autonomous Committee must be passed by vote of the committee. The Autonomous Committee must convene at least once a year, providing all committee members notification 15 days before the set meeting time. The meeting will convene as long as at least half of the committee members are present or upon proposal by the Chairman. All resolutions by the Autonomous Committee will be announced on the official Bytomwebsite.

The Chairman of the Autonomous Committee shall exercise the following authority:

1) Presiding over meetings of the Coin-holder Assembly and meetings of the Autonomous Committee;

2) Examining the implementation of resolutions made by the Autonomous Committee;

3) Holding the power to veto resolutions made by the Autonomous Committee;

4) Signing agreements with external organizations to collaborate with the BytomBlockchain.

Executive Committee

The Executive Committee is responsible for management of daily operations. The Executive Committee has a Chief Executive Officer, who is held responsible by the Autonomous Committee. Individual Executive Committee members are mainly responsible for serving their business unit.

The Executive Committee shall exercise the following authority:

1) Managing the daily operations of the Bytom Blockchain and organizing the implementation of resolutions made by the Autonomous Committee;

2) Developing the fundamental management system of the Bytom Blockchain;

3) Deciding to appoint or dismiss members of the Executive Committee and other senior management members;

4) Formulating solutions for issues regarding the open source code or use of funds related to the Bytom Blockchain.

Department Responsibilities

Responsibilities for each department are as follows:

Blockchain Technology Development Center: Responsible for work on the Bytom Blockchain requiring technical expertise. Specific work includes maintaining the open source code, development of the code, modification of the code, testing of the code, review of the code, deployment of the code, fixing bugs in the code,etc.

Blockchain Business Application Center: Responsible for application related work once the Bytom Blockchain comes online including performing due diligence and compliance review on assets entering the blockchain, disclosing information on assets entering the blockchain, and management of blockchain asset transactions, etc.

Financial Management Center: Responsible for fundraising, use of funds, the auditing of spending on the project, developing an employee payroll, auditing daily operational expenses, etc.

Legal and Risk Management Department: Responsible for registration of corporate entities, review of legal agreements, providing professional legal counsel, carrying out training in regards to legal matters, and raising awareness of legal issues in other departments.

Integrated Services Management Center: Responsible for drafting documents relevant to the Bytom Blockchain, arranging meetings and performing administrative duties; responsible for recruitment of personnel for the entire project, pay and benefits, education and training on the job; setting up and promoting the Bytom brand and its image, building good social and public relations.

Obligatory Disclosure

In order to protect the interests of investors, strengthen the management and efficient use of encrypted digital assets, and promote the healthy development of the Bytom Blockchain project, the Bytom Blockchain project is disclosing the following information. The Bytom Blockchain project founders commit to fulfill their duties in good faith, and manage the ICO crypto assets with prudence and diligence.

Through exemplary conduct, Bytom hopes to standardize the management of ICO project crypto funds, improve self-discipline in the blockchain industry, increase the transparency in the management of blockchain crypto assets, and to protect the long-term development of the blockchain industry.

Periodic disclosure of information — prepare and publish annual reports with three months of the start of each fiscal year, and quarterly reports within two months of the end of each quarter. Contents of the reports include but are not limited to milestones and progression in the technological development of the Bytom Blockchain project and in the development of applications and uses, the management of digital assets, performance of team duties, the financial situation, and so on.

Temporary disclosure of information — the Bytom Foundation will deliver timely reports on large collaborations involving the Bytom Blockchain, changes to core team members, and any litigation involving the Bytom Blockchain.

Getting Started With Bytom

Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.

Technique

General address format - BIP32, BIP43 and BIP441are used in the design of Bytom wallet to provide support for multi-currency, multi-account, multi-address and multi-key with Hierarchical Deterministic Wallets (or "HD Wallets").

Compatible with National Encryption Standard - The asset management and operation of Bytom involves private key, public key and address system, which is achieved through ESCDA encryption and SHA256 hashing in Bitcoin’s design. Bytom will support the Public Key Cryptographic Algorithm SM2 Based on Elliptic Curves 2 and SM3 Cryptographic Hash Algorithm 3 that are compliant with Chinese National standard. In terms of similar computational complexity, SM2 is much faster than RSA and DSA in processing private keys, thus a higher efficiency in encryption. The compression function of SM3 algorithm has similar structure to that of SHA-256. But the design of SM3 algorithm is more complicated. For example, two message words are used for each round of compression function.

POW algorithm that is friendly to AI ASIC-chips - Use a new POW algorithm

Asset naming using ODIN - The naming of assets will follow ODIN (Open Data Index Name) standards to ensure the uniqueness of assets across the entire network and blockchain.

Separate transaction signatures from the rest of the data in a transaction - In Bytom’s design, there is a DLT protocol that allows interaction between a variety of assets.

Enhanced trading flexibility - Unlike the Ethereum account model, BUTXO can verify transactions in parallel by adopting a mechanism similar to nonce to ensure that each unspent outputs could only be quoted by one transaction.

Cross-chain asset dividends distribution through side-chain - Developers can create a tiny version of the X chain (other blockchains) or Xrelay based on Bytom platform

The Bytom Blockchain project team will follow the published white paper contents, use the crypto funds raised by the ICO rationally, standardize project management, and fulfill their duties with honesty and trustworthiness, and diligently and responsibly manage their obligations, but even so the buyer is subject to the risk of loss. The risks include the following:

1. Policy Risk - Since the State Regulators haven ’ t made a clear and specific regulations towards ICO, the ICO market may fluctuate with the changing of policies and regulations, from which ICO inventors may suffer loses.

2. Economic Cycle Risk - The development of ICO project and digital assets management may be directly or indirectly affected due to economic cycle. We will adjust the speed of development accordingly and release the achievements in time.

3. Hacker Risk - Bytom team has built up the security structures to prevent external attack. While the attack methods of hackers and Trojan virus have been updated and evolved, it may threaten the development of project and digital assets management and bring unpredictable risk.

4. Technology Risk - ICO project has been proved its feasibility in concept design at the beginning and published part of the code structure and milestone design. However, it doesn ’ t mean the development won ’ t be affected by insufficient estimates of technology test and roadmap.

5. Token Risk - The recognition of Bytom token may be limited by the users and market. The final acceptability and popularity is not certain when Bytom passes the tests and goes online. Bytom token doesn’t represent any rights and interests of token owners. Bytom team won’t buy back or make any commitment to the profits.

6. Price Risk - After Bytom enters digital assets exchange market, the price may fluctuate dramatically due to the 24-hour trade and manipulation of market makers and universal government policies, which is unlike the price limits mechanism of stock market in China. Therefore, Bytom team won ’ t give any express warranty or hint towards the price and value of Bytom. Owners are supposed to know that digital assets exchange market is unsteady and price and value may fluctuate greatly and even crash.

Users are supposed to consider carefully about the risks above, evaluate carefully about Bytom Project, make investments according to your own financial conditions and the ability to handle risk and then take all of the responsibilities that you may lose.

Bytom discovered that establishing a foundation in Singapore has several benefits:

Easy and fast incorporation.

Support from government and promising developments.

Free developing environment.

The Bytom Foundation will manage financial affairs using the following principles: Coordination of arrangements, overall management; minimizing spending and using cost-effective measures; careful planning and spending in line with earnings.

Their strategy is aligned with the development of the Bytom blockchain and the marketing & communications team will expand accordingly. With an eye on development progress, the intensity of our marketing efforts will increase over time.

How To Get A Bytom Wallet?

Bytom produces its own wallet software that is available for download on its website, which allows you to store Bytom on your computer. For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano S. If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Jaxx or Coinomi to store multiple cryptocurrencies with some added security benefits.

Bytom Resources

How To Buy Bytom?

BitMark has a total coin supply of 27.58 million BTM - difficulty retargetting each 720 blocks and a block reward of 20 BTM. (Description provided by CryptoCompare)

Token Distribution

Private Equity Investors：7%

ICO Distribution：30%

Reserved for Bytom Foundation 20%

Business Development： 10%

Mining：33%

It is not possible to buy most cryptocurrencies with U.S. dollars. Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be purchased with U.S. dollars using Coinbase. Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance or Changelly to purchase other cryptocurrencies, including Bytom.

Bytom can be purchased or sold on the following cryptocurrency exchanges: Bibox, Huobi, Gate.io, OKEx, Kucoin, Cryptopia, EXX, HitBTC, CoolCoin, BigONE, Allcoin, OEX and EtherDelta.

What Is Bytom Mining?

Bytom and other Scrypt coins can typically only be mined profitably with a piece of specialized mining hardware called an ASIC, which stands for application-specific integrated circuit. Major manufacturers of ASICs include BitMain (AntMiner), Butterfly Labs, Canaan (AvalonMiner), FutureBit and GridSeed. ASIC hardware can be purchased directly from the manufacturer or from resellers on Amazon and eBay.